50 Cents Bank of Augusta

The Bank of Augusta was one of Georgia's oldest chartered banks, but by 1863 it was operating under severe strain — Confederate requisitions on specie reserves had gutted the state banking system, and fractional notes like this one emerged to fill the void left by the near-total disappearance of small silver coins from circulation. The Confederacy's inability to control subsidiary currency meant that dozens of Georgia banks issued their own fractional paper independently, with no central redemption guarantee.

Augusta was a major Confederate manufacturing hub, which kept its banks nominally functional longer than many Southern counterparts. Redemption after 1865 was, of course, worthless.